Investor Presentaiton

AICL China is one of the Key Drivers of Global Phosphate Market • Attractive fast-growing fertilizer market underpinned by growing population, limited arable land and dietary shifts 180 160 ⚫ Chinese's food market is 140 undergoing major changes in light of growing consumption of processed 120 100 foods 80 • Industrial development and urbanization creates 60 opportunities for strong 40 growth in engineered materials applications for 20 phosphates Source: CRU, November 2014. Where needs take us 0 Implied Phosphate rock demand by major country (million tonnes) 200 China: the driver of growth 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 USA Russia ■Morocco China 2005 2006 2007 2008 2009 2010 2011 ■ROW and India 2012 2013 2014 11

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